The world's reserve currency advanced on Wednesday against the currency of Japan as the central bank of the globe's largest economy prepared to release minutes from policy makers' meeting last month, according to Bloomberg.
For the fifth consecutive meeting, the Federal Open Market Committee opted to taper asset purchases by $10 billion per month. That reduced the stimulus program to $35 billion as the body aims to eliminate the program by the end of this year, though an October closure is more likely.
"So far, Fed members this week have sounded more dovish and created some uncertainty in the market heading into the minutes," market strategist Stan Shamu with IG Ltd. in Melbourne told the news source on Wednesday. "The market will be cautious on the dollar before the minutes though we may see a bit of a bounce after the release."
The greenback increased roughly 0.1 percent against the Japanese yen and was hovering against the shared currency of the European Union.
The minutes are likely to push up the yield on bonds issued by the U.S. government, according to Reuters.
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